Cryptocurrency can soon attract large flows of new users and reach a new level of development. It is reported Coinbase cryptocurrency exchange CEO Brian Armstrong. On his Twitter, he shared his observations on what causes could be a powerful impetus for the massive increase in users of digital assets.
Armstrong drew a parallel between the spread of the Internet and cryptocurrency. He highlighted some similarities that may indicate that cryptocurrency may repeat the “path of popularization” of the Internet. Although Armstrong does not yet give an exact definition of which cryptocurrency will be able to increase the number of users from 50 million to 5 billion. He noted:
“A decision that will ensure a high level of confidentiality, independence from central financial institutions is doomed to success and massive support in world society”
Cryptocurrency and the Internet: what do they have in common?
This topic is the focus of interest not only of Armstrong but also of Ben Horowitz, who is one of the founders of the A16z. Horowitz is well aware of the issues of popularizing the Internet among users. He once worked for Netscape, which made a splash in the 90s with its product, a web browser used by over 90% of the population.
Discussing this topic with Horowitz, Armstrong made interesting conclusions. He noted that the Internet became popular after some innovative tools were introduced at that time. At the dawn of its development, the Internet was slow, bandwidth was very low and users were not always able to access the content. Also at that time, users were skeptical of paying for goods or services via the Internet due to the lack of a guarantee of confidentiality of credit card data. According to Armstrong, this is very similar to the situation with the cryptocurrency market:
“The similarities between cryptocurrency and the early stages of the spread of the Internet look very convincing. We can draw a parallel between the problems that were previously characteristic of the Internet and the problems that are now on the blockchain. The question of confidentiality and protection of user data remained open.”
Armstrong identified several points that will attract a large number of users. The cryptocurrency community should strengthen the system of confidentiality and data security, improve the identification system and make every effort to scale the cryptocurrency. There is good news: several cryptocurrency companies are already dealing with these issues.
Cryptocurrency defeated skepticism
If cryptocurrency was previously considered a new technology that only technically savvy specialists and developers understand, now the situation has changed dramatically. Financial expert Teresa Chambers noted that cryptocurrency is transforming into traditional finance in the understanding of world society.
Now people are less skeptical of cryptocurrencies. This is evidenced by the increase in the number of crypto ATMs and their use for making payments. More than 7,000 crypto-ATMs are already functioning in different parts of the world.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.